Extended IT returns filing deadline ends at midnight on 31 August; belated returns to attract a fine of up to Rs 10,000

The extended income tax return (ITR) filing deadline for a majority of all taxpayers ends at midnight on 31 August. And those who fail to do so by the end-of-day can still file returns at any point during the financial year, but with a fine.

Taxpayers filing returns after 31 August will have to pay a fine of up to Rs 10,000.

Over five crore income-tax returns were filed till 30 August, officials said on Friday. This compares with the over three crore returns filed during the corresponding period of the previous year, IANS reported.

Representational image.

Representational image.

20 lakh returns were filed on 30 August, reported The Times of India.

The present surge, according to analysts, could be because of the penalty clause introduced from assessment year (AY) 2018-19, under which filing returns after the deadline will attract a penalty of up to Rs 10,000.

With the end of the deadline on 31 August, return filing till 31 December will attract a penalty of Rs 5,000, which will double in cases of a filing done before 31 March, 2019. However, if a taxpayer’s total income is under Rs 5 lakh, then the maximum penalty stands at Rs 1,000.

Keralites have until 15 September

The due date for filing income tax returns for taxpayers in Kerala has been extended to 15 September following the devastating floods that have affected life and hit businesses in the southern state, the CBDT said on 28 August, the PTI reported.

The deadline for filing returns was extended last month -- for salaried individuals and those with a business or professional income not requiring an audit -- to 31 August from 31 July, 2018.

6.84 crore income tax returns were filed in the financial year 2017-18.

With inputs from agencies

Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.

Updated Date: Aug 31, 2018 18:28:45 IST

Also See